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A N N U A L STATEMENT, 1956

FEDERAL RESERVE BANK
OF SAN FRANCISCO




J A N U A R Y t. 1 9 5 7

To the Member Banks of the
Twelfth Federal Reserve District.
D ear S ir s :

There is presented herewith a condensed comparative
statement of condition of the Federal Reserve Bank of
San Francisco, including branches, at the close of business
December 31, 1956, and December 31, 1955, together with
a comparison of earnings and expenses for 1956 and 1955.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Pec. 31,1956
Gold c e r t if i c a t e s .......................................................................................................... $2,661,539,013.01
Redemption fund for Federal Reserve n o t e s ............................................................... 80,376,519.57
Total gold certificate reserves - - - .............................................$2,741,915,532.58
Federal Reserve notes of other Federal Reserve banks............................................. 32,313,005.00
.................................... 37,507,475.08
Other ca sh ..............................................................

Dec. 31,1955
$2,505,971,292.81
75,460,324.57
$2,581,431,617.38
33,744,955.00
46,446,751.26

Discounts and advances:
Secured by United States Government obligations.............................................
200,000.00
10,000,000.00
Other discounts and advances - ....................................................................... 2,625,000.00
103,000.00
Total discounts and a d v a n c e s ....................................................................... $ 2,825,000.00
$ 10,103,000.00
United States Government securities:
B i l l s ............................................................................................................................ 192,612,000.00
164,618,000.00
C ertificates................................................................................................................... 1,223,380,000.00
648,601,000.00
N o t e s ............................................................................................................................ 1,024,332,000.00
1,551,847,000.00
B o n d s ............................................................................................................................ 313,518,000.00
306,926,000.00
Total United States Government s e c u r i t i e s .............................................$2,753,842,000.00
$ 2,671,992,000.00
Total loans and se c u r itie s................................................................................ $2,756,667,000.00
$ 2,682,095,000.00
Due from foreign banks - - - - - - 2,337.58
2,293.05
Uncollected cash i t e m s ................................................................................................. 482,290,853.42
482,140,895.92
Bank p rem ises................................................................................................................... 10,748,870.18
10,237,797.70
Other a s s e t s ................................................................................................................... 28,283,066.63
17,740,873.49
Total a s s e t s .......................................................................................................... $6,089,728,140.47
$ 5,853,840,183.80
LIABILITIES
Federal Reserve n o t e s ................................................................................................. $2,752,278,770.00
Deposits:
Member bank—reserve accounts................................................................................ 2,654,102,384.11
United States Treasurer—general account - .....................................................
38,438,273.58
Foreign............................................................................................................................
31,105,000.00
Other d e p o s it s ..........................................................................................................
59,564,341.03
Total d e p o s i t s ..................................................................................................$2,783,209,998.72
Deferred availability cash items - - - .....................................................
419,212,856.78
Other liabilities - - - - ................................................................................
1,343,428.43
Total lia b ilit ie s ................................................................................................. $5,956,045,053.93
CAPITAL ACCOUNTS
Capital paid in - - - - ....................................39,107,300.00
Surplus (Section 7 ) ..........................................................................................................
82,413,355.92
Surplus (Section 13b)..........................................................................................................
2,139,706.03
Other capital accounts - - - - - - 10,022,724.59
Total liabilities and capital accounts.............................................................. $6,089,728,140.47
Contingent liability on acceptances purchased for foreign correspondents - $ 5,229,000.00
—0—
Industrial loan commitments
- - - - - - - - -




$2,688,907,235.00
2,530,258,827.51
35,029,659.56
39,783,000.00
67,079,928.59
$2,672,151,415.66
374,104,810.39
1,117,010.46
$5,736,280,471.51

34,160,950.00
71,274,903.17
2,139,706.03
9,984,153.09
$5,853,840,183.80
$ 3,450,500.00

—0—

FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
1956

CURRENT EARNINGS
$

Discounts and advances
Industrial loan s...................................
Commitments to make industrial loans
United States Government securities
All o t h e r ............................................

765,815.13
— 0—

1955
$

795,144.19
— 0—

63,479,860.23
16,782.52
$ 64,262,457.88

Total current earnings

43,562,885.20
8,647.83
$ 44,366,677.22

CURRENT EXPENSES
Total current e x p e n s e s ...............................................................................................$ 14,954,127.82
$J13,120,502.36
Less Reimbursement for certain fiscal agency and other expenses 1,884,366.49
1,925,118.61
Net e x p e n s e s ...............................................................................................$ 13,069,761.33

PROFIT AND LOSS
Current net earnings

$ 11,195,383.75

............................................................

-

-

$ 51,192,696.55

$ 33,171,293.47

Additions to current net earnings:
Profits on sales of United States Government securities (net) All other - - - - - ....................................................

-

-

27,700.23
10,075.72

13.59
150.00

Total additions -

$

.....................................................................

Deductions from current net earnings:
Reserves for contingencies.....................................................................
All other ..............................................................................

-

-

Total d e d u c t io n s .....................................................................
Net deductions -

......................................................................................

37,775.95

%

38,571.50
6,710.99

163.59
44,457.63
8,186.25

$
-

45,282.49

$

52,643.88

-

$

7,506.54

$

52,480.29

$ 33,118,813.18

Net earnings before payments to United States Treasury Paid United States Treasury (interest on Federal Reserve notes) D ividends.......................................................................................................

-

-

$ 51,185,190.01
37,788,912.37
2,257,824.89

Transferred to Surplus (Section 7 ) ............................................................
Surplus (Section 7) January 1
............................................................

-

-

$ 11,138,452.75
71,274,903.17

$ 4,551,217.49
66,723,685.68

$ 82,413,355.92

$ 71,274,903.17

Surplus (Section 7) December 31




26,577,270.24
1,990,325.45

DIRECTORS AND OFFICERS
December 31,1956

DIRECTORS
A. H . B ra w n e r, San Francisco, C alifornia, C hairm an and F ederal R eserve A gent
Y . F r a n k F re e m a n , H ollyw ood, California, D eputy C hairm an
Jo h n A. S ch o o n o v er, Boise, Id ah o
C a r r o l l F . B y rd , W illows, C alifornia
R e e se H . T a y lo r, Los Angeles, C alifornia
M. V ila s H u b b a rd , P asadena, California
P h ilip I. W e lk , W alla W alla, W ashington
W a lte r S. Jo h n so n , San Francisco, California
____________
(V acancy)

MEMBER OF FEDERAL ADVISORY COUNCIL
F ra n k L. K in g, Los Angeles, California

OFFICERS

H . N . M angels , P resident
E liot J. S w an , F irs t Vice P resident
E. R . B a rg le b a u g h , Vice P resident, and M anager of S alt L ake C ity B ranch
J. M. L eisn er, Vice President, and M anager of S eattle B ranch
E.
R. M illa rd , Vice P resident
R . H . M o r r i ll, Vice P resid en t
J. A. R a n d a ll, Vice President, and M anager of P o rtla n d B ranch
H . F. S la d e , Vice P resident
W. F. V o lb e rg , Vice President, and M anager of Los Angeles B ranch
0 . P . W h e e le r, Vice P resid en t
H . E. H em m ings, C ashier
J. L . B a r b o n c h ie lli, Assistant Vice President
D . M . D a v e n p o rt, Assistant Cashier
R o b e r t S. E in zig , Assistant Vice President
R . C. M illik e n , Assistant Cashier
T. W. B a r r e t t , Assistant Cashier
A. H . P ric e , Assistant Cashier
P. W. C av an , Assistant Cashier
H . A rm stro n g , General A uditor
E.
G a u lt W. L ynn, Senior Econom ist

Jo h n A. O ’K
, G eneral Counsel
H . G alv in , Chief Exam iner
H a r r y S. S c h w a rtz , Senior E conom ist
a n e

INDUSTRIAL ADVISORY COMMITTEE
W a lte r A. S t a r r , Chairman
E . S. D u lin

K e ith G. F isk e n

W a k e fie ld B a k e r, Vice Chairman
J. A. F o lg e r

LOS ANGELES BRANCH

SALT LAKE CITY BRANCH

S hannon C randall , J r ., C hairm an
A nderson B orthw ick
J oe D . P axton
C harles D etoy
J ames E . S helton

Josep h R o s e n b la tt, Chairman
H a r r y E a to n
R u s s e ll S. H an so n
G eo rg e S. E c c le s
G eo. W . W a tk in s

DIRECTORS

OFFICERS
W. F . V o lb e rg , Vice President, and M anager
C. H . W a tk in s, A ssistant M anager
M . J. D av ie s, A ssistant M anager
G. D . P a r k e r , A ssistant M anager
J. R . R o b in so n , A ssistant M anager
V. E. V igus, A ssistant M anager

DIRECTORS
OFFICERS

E . R . B a rg le b a u g h , Vice President, and Manager
A. L. P ric e , Assistant Manager
A. G. H olm an , Assistant Manager
T. M. Simmons, Assistant Manager

PORTLAND BRANCH

SEATTLE BRANCH

W illia m H. S te iw e r, S r., Chairman
W a rre n W . B r a le y
Joh n B. R o g e rs
J. H. M c N a lly
E . C. Sammons

R a lp h S u n d q u ist, Chairman
Jam es B re n n a n
S. B . L afro m b o ise
C h a rle s F . F ra n k la n d
D . K. M a c D o n a ld

J. A. R a n d a ll, Vice President, and Manager
A. B . M e r r i t t , Assistant Manager
W. M. B ro w n , Assistant Manager
C. H. M e rc e r, Assistant Manager

J. M. L e isn e r, Vice President, and Manager
R. E . E v e rso n , Assistant Manager
W. R. S an dstrom , Assistant Manager
D . E . Simms, Assistant Manager

DIRECTORS




OFFICERS

DIRECTORS
OFFICERS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102